Gensol Engineering Sells US Subsidiary Scorpius Trackers For $40.3 Million Amid Market Uncertainty

Less than a year after establishing its US subsidiary Scorpius Trackers Inc., Indian EPC group Gensol Engineering Limited announced a transaction agreement worth INR 3.5 billion (USD 40.3 million) with an unnamed major US renewable energy solutions provider to sell the subsidiary.

The sale of Scorpio Trackers' US business allows us to reinvest in high growth opportunities in India while enhancing our financial strength, "said Anmol Jaggi, Chairman and General Manager of Gensol. Gensol's management sees this sale as part of the company's strategy to monetize high-value assets, free up capital for subsidiaries, and reinvest in core growth areas. The sale decision is also influenced by the uncertainty of US President Donald Trump's new administration policies, especially the concerns of clean energy investors about the market.

It is reported that Gensol established a Scorpius subsidiary in the United States in August 2024, with plans to supply over 2GW of solar brackets annually. According to the announcement, the transaction also includes the transfer of exclusive global intellectual property (IP) rights to Scorpius Trackers' advanced solar tracking bracket technology. This transaction will be conducted in two phases, and the final delivery is expected to be completed in March 2026.

Despite selling its US subsidiary, Gensol will continue to operate its wholly-owned subsidiary Scorpius Trackers Pvt. Ltd. in India and focus on the Indian market, while retaining intellectual property rights for its Indian projects.